The Complete TurtleTrader: How 23 Novice Investors Became Overnight Millionaires
Michael W. Covelamazon.com
The Complete TurtleTrader: How 23 Novice Investors Became Overnight Millionaires
He enjoyed using a third of his time to do absolutely nothing.
Michael W. Covel • The Complete TurtleTrader: How 23 Novice Investors Became Overnight Millionaires
“The reason we all needed to stay together, especially in the beginning, was we literally made all our money in a normal year in about a three-week period. The rest of the year, most people were down minus 30 percent.
Michael W. Covel • The Complete TurtleTrader: How 23 Novice Investors Became Overnight Millionaires
Instead of introducing the course with a lecture on making money, he was laying the foundation for what the students had to do when they lost money.
Michael W. Covel • The Complete TurtleTrader: How 23 Novice Investors Became Overnight Millionaires
The people who excel in any field are people who realize that the moment is to be seized, that there are opportunities at every turn. They’re more alive to the moment.
Michael W. Covel • The Complete TurtleTrader: How 23 Novice Investors Became Overnight Millionaires
That is not to say losses are easy to accept, but Dennis and Eckhardt taught the Turtles not to consider their trading in terms of amounts of money. They wanted them to think of money as a variable, because in that way, regardless of account size, they could make the correct trading decisions at all times.
Michael W. Covel • The Complete TurtleTrader: How 23 Novice Investors Became Overnight Millionaires
The industry simply did not want Richard Dennis-type volatility.9 This is not suprising. The industry is made up of institutional bean counters managing billions upon billions in pension plans. They don’t want higher-volatility or higher-return trading. There is no immediate benefit for them even, if it might be the optimal strategy for their pensi
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Another Dennis student, Erle Keefer, went beyond his eccentricities: “Rich is probably the greatest trigger puller that I personally have ever known: he has the ability under tremendous pressure to stand there with his own money and pull the trigger when other people wilted. And when he was wrong, he could turn on a dime. That’s amazing
Michael W. Covel • The Complete TurtleTrader: How 23 Novice Investors Became Overnight Millionaires
“I assumed that a trader added something that couldn’t be encapsulated in a mechanical program. I was proven wrong.
Michael W. Covel • The Complete TurtleTrader: How 23 Novice Investors Became Overnight Millionaires
program (and they did end up cutting people). In essence Eckhardt was saying, “You are not special. You are not smarter than the market. So follow the rules. Whoever you are and however much brains you have, it doesn’t make a hill of beans’ difference. Because if you’re facing the same issues and if you’ve got the same constraints, you must follow
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